How to maximize your retirement savings

The IRS, which earlier this month extended its deadline for filing income taxes, also postponed the deadline for individual retirement account contributions to May 17. The extra month could help those trying to reach their retirement planning goals if they have yet to hit their IRA contribution limits for 2020.

"We have a lot of people who are getting tax refunds, who got stimulus checks — they've got money on hand," CBS News business analyst Jill Schlesinger told CBSN. "They have the ability to put that — up to $6,000 — away before tax filing deadline in their IRAs or Roth IRAs," she added. "And by the way, if you're over the age of 50, you can actually put an extra $1,000 in."